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Common institutional ownership and corporate ESG performance in China

Author

Listed:
  • Yin, Yikun
  • Qian, Yijia
  • Wang, Liang
  • Lu, Yichun

Abstract

Corporate ESG performance, which serves as an important aspect of sustainable finance, is a significant concern of communities and academics. Using a sample of Chinese listed companies spanning from 2011 to 2020, we investigate whether common institutional ownership affects corporate ESG performance. The results show that common institutional ownership worsens corporate ESG performance, which still holds after conducting robustness checks. The above conclusion is more prominent for enterprises facing stronger industrial competition, demonstrating the existence of an anticompetitive mechanism. Overall, we investigate how common institutional ownership negatively affects corporate ESG performance and has implications for emerging markets.

Suggested Citation

  • Yin, Yikun & Qian, Yijia & Wang, Liang & Lu, Yichun, 2024. "Common institutional ownership and corporate ESG performance in China," Finance Research Letters, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324005476
    DOI: 10.1016/j.frl.2024.105517
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    More about this item

    Keywords

    Common institutional ownership; Corporate ESG performance; Anticompetitive effect; Industrial competition;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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